Disclosed are a zoom lens and an imaging device. The zoom lens has a first lens group with positive refractive power, a second lens group with negative refractive power, a third lens group with positive refractive power, a fourth lens group with positive refractive power, and a fifth lens group including a negative subgroup with negative refractive power and a positive subgroup and with positive refractive power. An aperture stop is disposed in the vicinity of the third lens group. The lens surface of the negative subgroup of the fifth lens group on the image side and nearest to the image is concave, and the lens surface of the positive subgroup of the fifth lens group on the object side and nearest to the object is convex. The positive subgroup shifts in a direction approximately perpendicular to the optical axis to shift an image. The zoom lens satisfies the condition defined by the inequality (1) below: 0.2